In order to facilitate European Companies to make EU-wide based offers or listing in Europe, FESCO proposes to create a passport for European issuers. The paper proposes a cross-border use of the Shelf Registration system in the EU and explores other possibilities to facilitate the mutual recognition of prospectuses. The paper is open for public consultation for a period of 3 months.

In the frame of the Financial Services Action Plan, FESCO has issued a report for the EU Commission containing proposals to improve cross border offering. The proposals in this paper would deliver the objective of home State control of the prospectus for cross-border offerings while, at the same time, maintaining appropriate protection for investors.

FESCO agrees to start a consultation on a new paper on "the Harmonisation of Core Conduct of Business Rules for Investors Protection" (ref. FESCO/00-124b). This paper complements the paper adopted in March 2000 on the categorisation of investors for the purpose of conduct of business rules. The elaboration of these documents is a significant contribution to the EU Action Plan for Financial Services. The document is open to public consultation for a period of 3 months.

Fesco consults on a revised version of the earlier consultation paper published in September 2000. The purpose of the paper is to offer substancial harmonisation of key elements of the offering process.

Fesco consults on a proposal for common European standards for Alternative Trading Systems (ATS) with the view to providing appropriate regulation under the Instrument Service Directive (ISD) of instrument firms operating ATSs.

Following the conclusions of the Lamffalussy report, the Resolutions of the European Parliament, and the recent Decision of the European Commission, the members of FESCO have agreed on a draft charter defining the operational arrangements of the Committee Securities Regulators. The Charter is attached to the Press Release.

The Committee of European Securities Regulators (CESR) met the first time in Paris on Tuesday 11 September 2001. The members have adopted the Charter (Ref. CESR/01-002) and elected Mr Arthur Van Leeuwen, the Chairman of the Securities Board of the Netherlands (STE), as Chairman.

CESR has issued its draft statement of Consultation Practices (Ref. CESR/01-007b). The statement contains a number of specific commitments relating to who, when and how it will consult. It will contribute to raise transparency in the regulation of European securities markets. The draft Statement is attached to the press release. Please send your responses to the secretariat by November 16, 2001 at fdemarigny@europefesco.org.

CESR has issued its revised proposals for the harmonization of conduct of business rules. The second round of public consultation covers the following documents: the revised proposal for the investor protection regimes (Ref. CESR/01-014),and the revised paper on the categorisation of investors (Ref. CESR/01-015.). The process of revision of the initial proposals and an explanation of major changes has been given in a cover-note (Ref. CESR/01-013). Please send your responses to the secretariat by November 15, 2001 at fdemarigny@europefesco.org. "

The Governing Council of the Committee of European Securities Regulators (CESR) and the European Central Bank (ECB) agreed to conduct joint work issues of common interest in the field of securities clearing and settlement systems. This process will lead to the establishment of standards and/or recommendations for securities settlement systems and for central counterparties at the European level. Prof. Eddy Wymeersch, Chairman of the Belgian Commission Bancaire et Financi

CESR published today, for a last round of consultation, revised proposals for common European standards for Alternative Trading Systems (ATSs) (Ref. CESR/02-001) in response to the important issues raised by respondents to the first consultation paper issued in June 2001. A feedback Statement summarising the responses received is also published (Ref. CESR/02-002) (See "Recent publications"). CESR invites comments to this second round of consultation by March 15, 2002. CESR intends to finalise the standards thereafter, with the aim of publishing final standards in June 2002.

CESR is today relasing a consultation paper on possible detailed technical measures needed to implement the proposed Market Abuse Directive (Ref. CESR/02-089b). These measures are being developed on the basis of a provisional mandate given to CESR by the European Commission.